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Description of AAR Standard Forms Updated August 2007 |
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AAR Brings You Standard Forms!
Below is a list of AAR’s forms accompanied by a short description. A sample of each of the forms can be found on AAR’s Web site, www.aaronline.com, search “forms”. Addendum- to be used to add additional terms to an existing contract or when there is not sufficient room on a purchase contract to include all the terms being offered. Is essentially blank lines. Rev. 6/93 Additional Clause Addendum – is a compilation of the most commonly used contract clauses. Agents can print out this form, check the box next to the clause that applies and attach to purchase contract. Rev. 2/07 Additional Compensation Agreement – is a form that can be used by an agent to disclose any additional compensation they may receive as a result of a transaction. This form will not be printed but is available on aaronline.com. Rev. 5/05 Appraisal Contingency Notice – if used with the Residential Resale Real Estate Purchase contract, this form allows the Buyer the opportunity to continue or not continue with the purchase of a home when the property fails to appraise for at least the purchase price. Rev. 5/05 AS IS Addendum – can be used to more accurately describe what the buyer and seller agree to when the property is sold “As Is”. Rev. 10/05 Assumption/Carryback Addendum – provides for financing in seller carrybacks and assumption transactions. Rev. 5/00 Buyer-Broker Exclusive Employment Agreement - is an agreement for the buyer and the broker/agent to sign that spells out the type of property the buyer is looking for and the form of compensation, if any, the agent is to receive from the buyer. Establishes an exclusive arrangement between the buyer and the agent similar to an exclusive listing agreement between a seller and a broker/agent. Rev. 6/03 Buyer Contingency Addendum - This is designed to be used when the Contract is to be contingent on the sale and closing of Buyer’s property. The Addendum has two options: one for the transaction in which Buyer’s property is listed for sale, but the Buyer has not yet entered into a contract for its sale, and another option for a transaction in which the Buyer has entered into a contract for the sale of the property, but the transaction has not yet closed. Rev. 10/05 Buyer Inspection Notice and Seller’s Response – is a form that directly addresses the inspection period in the Residential Purchase Contract. It provides for the buyer to respond to a home inspection whether it’s to request repairs, waive the inspection, or to cancel the contract. The form further provides for the seller to respond to any requests from the buyer. Rev. 8/07 Commercial Purchase Contract - to be used in commercial/industrial types of transactions. Includes provisions for financing. Rev. 5/03 Commercial Sellers Property Disclosure Statement - Similar to the Residential SPDS, designated for use with commercial/industrial sales. Rev. 9/03 Compensation Agreement – Unrepresented Seller -Agreement for brokers/agents representing buyers who want to purchase FSBOs (For Sale By Owner) and when there isn’t a listing; provides for compensation for the seller to the buyer’s broker/agent. Rev. 2/07 Consent To Limited Representation - is signed by a specific buyer and a specific seller who are in a limited dual representation arrangement with a real estate agent/firm. It should not be used unless the property has been identified. This form is referenced in the Agency Disclosure and Election form. Rev. 12/02 Construction Contract for New Home (Without Lot) - This form is a services contract between the owner and the builder for construction of new home on land already owned by the purchaser. Rev. 2/03 Counter Offer - to be used to make counter offers to initial purchase offers. Rev. 5/96 Critical Date List – allows agents to track dates critical to the residential resale transaction. Rev. 3/06 Cure Period Notice – is a generic form to be used when a cure notice is required pursuant to the Residential Resale Real Estate Purchase or Vacant Land Purchase contract. Rev. 5/05 Disclosure of Buyer Agency and Seller’s Waiver and Confirmation – is designed for a Buyer Broker to present to a Seller who is represented by a limited service company. This disclosure will inform the Seller of the Buyer agent’s role in the transaction. Rev. 8/05 Domestic Water Well Addendum – is to be used to provide notice to the Buyer that the Buyer can expect to receive a Domestic Water Well/Use Addendum SPDS. Essentially, this language simply replaces language that used to be part of the Residential Purchase Contract. 5/05 Domestic Water Well/Water Use Addendum Sellers Property Disclosure Statement – is to be used in conjunction with the Seller's Property Disclosure Statement when property is served by a water well. Rev 3/02 H.O.A./Condominium/Planned Community Addendum – is a disclosure to the buyer about what HOA information the Buyer should receive, by Arizona law, and the time frames in which the buyer has to reply. Rev. 2/07 Lead-Based Paint Disclosure (Sales) - is to be used to meet requirements for lead-based paint disclosure for residential sales. Rev. 2/02 Lead-Based Paint Disclosure (Rental) - is to be used to meet requirements for lead-based paint disclosure for rental properties. Rev. 4/97 Loan Status Report – is to be used by either the buyer or the buyer’s lender to disclose to the seller the status of the buyer’s loan application. Available on www.AARonline.com in fillable/print format. 11/05 Loan Status Update – is to be used to update all parties to a transaction of the status of the Buyer’s loan application. Available on www.AARonline.com in fillable/print format. 5/05 Multiple Counter Offer – is to be used when making counter offers to multiple parties. Rev. 11/03 Onsite Wastewater Treatment Facility Addendum – is a disclosure to the Buyer that an Onsite Wastewater Treatment Facility exists on the property and outlines what information and in what time frames the Buyer will receive from the Seller. Rev. 10/06 Purchase Contract for New Home (With Lot) - This form is for the sale of newly constructed homes and the land. Rev. 4/05 Real Estate Agency Disclosure and Election – This form is for use by agents with either buyers or sellers. It describes the different types of agency relationships (seller, buyer, limited dual) and offers a section for the seller or buyer to elect which type of relationship they would like to have with that agent. It is not an employment agreement. For example, an employment agreement with a seller is a listing (which AAR does not have- local associations do); an employment agreement with the buyer could be the AAR Right to (Buyer-Broker Exclusive Employment Agreement). The same form should not be signed by both a buyer and a seller. Rev. 1/06 Request for Loan Information - to be used for sellers to send to their lender to obtain necessary information to share with the buyer when the loan can be assumed by the buyer and for the seller to have for determining proceeds from the transaction. Asks for loan amounts, terms, interest rates, etc. This form is no longer printed but is available on www.AARonline.com for printing. Rev. 4/91 Residential Rental Agreement - This form is for use by tenants and landlords to rent a residential dwelling. Rev. 9/96 Residential Resale Purchase Contract - used for the sale of residential real property and includes provisions for financing information. Rev. 5/05 Residential Seller Property Disclosure Statement (SPDS) - for sellers to complete when offering their home for sale. The use of this form is not a legal requirement, but many firms require sellers listing with them to use it. It provides for the sellers to disclose information about the condition of the property being offered for sale and should not be completed by the REALTOR®. Rev. 8/07 Unfullfilled Loan Contingency Notice – a generic form a buyer can utilize to notify the proper parties of a residential resale real estate contract of an unfulfilled loan contingency. 5/05 Vacant Land Purchase Contract - is used for sale of lots or large acreage. Rev. 8/07 Vacant Land Addendum - to be used when certain types of land parcels are being sold. Details about the use of this one page addendum can be found on AARonline. Rev. 8/07 Vacant Land Buyer’s Inspection Notice and Seller’s Response - is a form that directly addresses the inspection period in the Vacant Land Purchase Contract. It provides for the buyer to respond to an inspection whether it’s to request repairs, waive the inspection, or to cancel the contract. The form further provides for the seller to respond to any requests from the buyer. Rev. 8/07 Vacant Land Loan Status Report - is to be used by either the buyer or the buyer’s lender to disclose to the seller the status of the buyer’s loan application. Rev. 8/07 Vacant Land SPDS - Similar to the Residential SPDS, designed for use with land sales. Rev. 8/07 Spanish Translations of AAR Residential Forms - To be used as a companion piece to 9 AAR forms used in residential sales or leasing transactions. Not actual forms, but are literal translations and are sold singularly to give to your Spanish-speaking buyers to help them follow along as they complete AAR’s forms while buying or leasing a house. These forms are available for free on AARonline.com. |
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